yanlord-issues-first-cbplacement-combination-this-year

Yanlord issues first CB/placement combination this year

The Chinese property developer raises a total of $360 million for future land acquisitions. The S$275 million CB is completed without a stock borrow facility and carries a 26% conversion premium versus the discounted placement price.

While it is not the first Chinese property developer to tap the equity capital markets in recent months as the sector prepares to take advantage of falling prices to acquire more land, Singapore-listed Yanlord Land Group is the first one this year to use a combination of convertible bonds and new shares to achieve its funding target.

The idea of a combination deal is not new to Yanlord, which completed a similar transaction in January 2007, and sources say the management -- and the chairman in particular -- had been intent on this structure from the beginning as it didn't want to cause too much dilution for existing shareholders by selling only new shares. At...

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